China's yuan has become the world's fifth most widely used payment currency, with the value of cross-border deals settled in it more than doubling in 2014, data from transactions organization SWIFT showed Wednesday.

Despite declining smartphone shipments by Samsung Electronics Co, which still accounted for the most smartphones running on the Android operating system last year, those using systems developed by Google Inc. are expected to see their market share grow at a double-digit pace in 2015, thanks to the rise of Chinese device makers.

China's Premier Li Keqiang sought Wednesday to allay fears over the Asian giant's growth outlook, telling business and government elites gathered in Davos that the economy is not heading for a sharp slowdown.

China's economy grew at its weakest for almost a quarter of a century in 2014, official data showed Tuesday, with authorities describing slower expansion as the “new normal” and analysts tipping further deceleration this year.

China's economy grew at its weakest for almost a quarter of a century in 2014, official data showed Tuesday, with authorities describing slower expansion as the "new normal" and analysts tipping further deceleration this year.